Page:United States Statutes at Large Volume 42 Part 1.djvu/1493

1466 SIXTY—SEVEN TH CONGRESS. Sess. IV. Ch. 252. 1923. other like documents conveying or securing title to nonperishable “¤°•”“Y· and readily marketable agricultural products, and have a maturity at the time of discount or purchase not exceeding nine months. pslggfliu '°‘““°°“"*°d (3) To sell or ne otiate with or without recourse any note, draft, Llmltmm 1 tw or bill g exchanf discpunteii gpegurcérased hereunder. d d `. I .,m,,9 ° b ational icu tura it orporations or anize un er =?:iiii>¤b1¤· mlm thei lirovisions of this section, shall not be subject to gre limitations A”‘°’°'m*‘ contained in section 204, but the Comptroller of the Currency may, by general regulations, from time to time prescribe the amount of inde tedness, direct or contingent, which such corporations may incur, and the aggregate amount of paper of different types whic _ such corporations may rediscount for any one corporation.

°°"°“‘° '°` (c) Cor orations with powers limited, as provided in this section,

shall not lib subject to the requirements as to deposit of bonds or other ogaligations of the United States, as provided in section 208 of this tit e. PHMIT ro umm rmsrivnss.

Sm. 208. (a)_ That no National_Agr·icr11t•u·al Corporation,

g§ '*°·, °*’:*¤k°* except corporations with powerslimrted as provided in section 207 , required. s commence busmess until it has deppgited with the Federal reserve bank of the district wherein it its place of business, bonds or other obligations of the United States in an aggregate face amount at least 25 per centum of its paidin capital stock. ·“"'“"‘°°°“°°”· Each such corporation shall at all times keep on deposit with such Federal reserve bank an amount of such bonds or other obligations of the United States at least equal in face value to 7·} per centum of the aggregate indebtedness of such corporation, direct or contingent, said amount to include the 25 per centum deposited as m,H§j*§,‘§,,g"$,f,;'§’& hereinbefore by this section provided. Except as hereinafter ro— vided, such bonds or other ob igations shall be held by such Fedgral reserve bank, subject to the direction and control of the Comptroller of the Currency, in trust for the equal and pro rata protection and benefit of all holders of notes, debentures, drafts, bills of exchange, { or acceptances upon which such corporation may be directly or ““"°° °‘°°'°· eontrngently lrab e. Upon receipt of proper evidence that the amount of such bonds or other o lrgations of the United States so deposited exceeds 75 per centum o such aggregate indebtedn the Comptroller of the Currency may release suc excess, provid? that the amount remaining on eposrt shall in no event be reduced below 25 per centum of the paid-in ca ital stock of such corpora—

tion. Under such regulations as the Cbmptroller of the Currency

ef r>¤¤r¤¤¢n1¤1x¤¤· may prescribe a Fe eral reserve bank may, upon request of the corporation which deposited the same, sell any such bonds or obligations for account of such coriporation, and permit such corporatgm to use theyprqcaedsdthemo for tlée protection or preservation D B l o an prope p e g or mort e as securi for obli tions maaegear. i° b° owner? or indorsed by the corporagiiign. If by retiiyson of sugh sale the face amount of such bonds or other obligations of the United States remarmng on deposit with such Federal reserve bank shall be less than 71} per centum of such aggregate indebtedness of the corporation, no fur·ther_advances shall be made, or notes, drafts, or bills of exchange drmounted, rediscounted, accepted, or purchased,_by such corproration until sufficient additional bonds or other obligations of the nrted States have been deposited to make good Peznissim coupe. th‘2b‘§°f%:°3§Y· mam aepneeaz on termm° mg' whether to grant rmixion to do business {§,“}}'§YIg‘,{,,"}f,°‘,,f§‘,},§‘{,§ to any National Agricultural Credit Corgcoration, the Comptroller ¤v;¤é·j¤::°¤% ed- of the Currency shall take rnto account the extent to which the laws of the State or States in which the corporation will do busines